Kochi: Following the raid for busting the alleged hawala (black money) dealers in Kerala, sources in the Enforcement Directorate (ED) said that the value of hawala transactions in Kerala over the past three years alone exceeds Rs 10,000 crore, with daily transactions ranging from Rs 50 crore to Rs 200 crore.
Even licensed money exchangers, including those regulated by the RBI, are part of this illicit network. Politicians, prominent businessmen, and high-ranking officials are believed to be involved in the crime, sources claimed.
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Based on intelligence reports, the ED raided various locations in Kerala on Monday evening. Remitters from abroad send a picture of any currency to the recipient through platforms like WhatsApp. The currency number in the image serves as the code for hawala money transfer in Kerala.
The ED has identified 25 to 30 dealers in Kerala, with many operating as branches in their network. Hawala transactions have been traced to approximately fifty countries, including Gulf countries, New Zealand, Australia, the United States, Germany, the United Kingdom, and Mexico. The ED discovered that some mobile wholesale shops, fancy stores, travel agencies, and jewellers in Kerala operate as franchises facilitating illegal money transactions.
During the ongoing raids, the ED seized Rs 10 crore. Additionally, foreign currency, gold, jewellery, around 100 mobile phones, and other evidence have been confiscated. Several individuals have been taken into custody, and raids are conducted across 14 locations. Some small shops were found to have stored at least Rs 1 crore.
Published: 21 Jun 2023, 10:52 am IST
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